Salisbury MD Real Estate 2024 Year in Review

Salisbury MD Area Home Sales in 2024  There were 1074 home sales in Wicomico County in 2024, up 5% from 2023. The median sales price was $265,000, up 4% over the same period.*  Setting aside 2023, this was the lowest number of home sales since 2015.   The average time on market for properties sold in the Salisbury MD real estate market last year was 1.5 months. Foreclosures and short sale properties accounted for 3% of residential sales in 2024, down from 4% in 2023. Salisbury MD Area Home Buyers in 2024  As a result of stubbornly high inflation, the Federal Reserve did not act as many experts were projecting 12 months ago. Their three rate cuts did little to influence mortgage rates which averaged around 6.75% for 2024, only slightly lower than 2023. Home prices were at a record high once again in Wicomico County, hampering any significant rebound. More of the same is likely for Salisbury MD area homebuyers, at least for the first half of 2025. Salisbury MD Area Home Sellers in 2024 Salisbury MD area home sellers learned to adjust to longer days on market, fewer showings/offers and more determined buyers when negotiating. Much like 2023, many Wicomico County homeowners who listed their properties were doing so because of major life changes such as death, divorce, job transfers, assisted living, empty nests, etc. Nationwide, 77% of homes sold last year did not have children under 18 residing in them. One in four homes sold were paid for in cash, an all-time high, only 24% of homes sold were purchased by first time buyers, an all-time low. What Can the Wicomico County Housing Market Expect in 2025?  Looking back to this time last year, we were correct on Salisbury MD area home prices but missed the mark on sales. We’re expecting Wicomico County home sales to increase by 10% in 2025, with prices up another 5-8%. With the GOP in charge of both chambers in Congress and the White House, a bold agenda has been announced regarding Federal spending, which is the root cause of inflation. Should they follow through on some of their promises, mortgage rates may be in the high 5% range by year’s end. We believe a scenario like this would ignite the Wicomico County housing market into 2026-2027. The administration’s actions on domestic energy production, Middle East policies, their promises of smaller budget deficits and a pro-business agenda would all be factors shaping the local housing market in 2025. *Based on information from the Coastal Association of Realtors® for the period 1/1/24 through 12/31/24 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2025

Q4 2024 Sales Report - Salisbury MD Real Estate

Q4 2024 Housing Statistics For the period of October 1 through December 31 in Wicomico County, there were 257 settlements on single family housing units, up 5% from Q4 of 2023. The median sales price was $265,000, up 6% over the same period.                             Foreclosure and short sale properties accounted for 2% of single-family home sales in the fourth quarter of 2024. This was down from 6% over the same period in 2023. * Takeaways for Salisbury MD Area Home Buyers Q4 home sales in the Salisbury MD area bounced back nicely, slightly exceeding our projection. Prices remained elevated because of low inventory while rates were in the mid to high 6% range for the quarter. Until mortgage rates drop, it will be a challenging market for Wicomico County homebuyers. Once they do, a likely benefit would be more homes for sale as lower interest rates will be the trigger for some homeowners to list their properties. Takeaways for Salisbury MD Area Home Sellers The bump in Wicomico County home sales in Q4 can be largely attributed to a strong December. Home sellers certainly learned the value of patience in the last three months of 2024. For reasons stated above, buyers remained cautious from the compound effect of near 7% mortgage rates and stubbornly high consumer inflation. In the end, Q4’s home stats looked very similar to the last three months of 2022, when the impact of Fed action in raising interest rates became obvious. What Lies Ahead for the Wicomico County Real Estate Market? With a new administration in the White House and a shift in the balance of power in Congress, government spending will be the leading indicator of inflation in the domestic economy. Some measure of austerity would encourage the Fed to cut rates faster and with more frequency. Eventually the 10-year bond would adjust, and mortgage rates would follow. We’ll give our 2025 projections in the upcoming 2024 Year in Review. For Q1, we expect around 235 units to close by April 1. If accurate, this would be the best start to a year since 2022. *Based on information from the Coastal Association of Realtors® for the period 10/1/24 through 12/31/24 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2025

Salisbury MD Real Estate Sales Report for December 2024

In December 2024, the median single family home sales price in the Salisbury MD area real estate market was $270,000, up 13% from the median sales price last December. There were 83 home sales, up 14% from the same month last year.                                The average time on market was 1.7 months, down from 1.9 months in December 2023. Currently, there are 2.3 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month. Homes Sold in Wicomico County December 2024   Conclusions for Wicomico County Home Buyers Wicomico County home prices are almost certain to rise in 2025 and we discussed at length the advantages for buyers to make their home purchase now versus waiting until later in the year. This predicated on suitable and available inventory and ensuring the monthly payment is affordable with rates hovering in the high 6% range. All indications are for mortgage rates to drop throughout 2025 but any savings for Salisbury MD area home buyers are likely to be eroded by higher prices. We’ll cover our projections for mortgage rates in the upcoming 2024 Year in Review. Conclusions for Home Sellers in Wicomico County Salisbury MD area home sellers dealt with rate sensitive and non-committal buyers, longer days on market and fewer showings throughout 2024 but December proved to be a solid month for home sales in Wicomico County. Some sellers had the urgency to close before month’s end for tax purposes while some buyers were facing lease deadlines which resulted in a year-end rush of closings. Last month’s home sales were the highest for December since 2021, suggesting the “frozen" market we’ve experienced since then may be coming to an end. January 2025 Salisbury MD Real Estate Outlook December posted a stronger number for Wicomico County home sales than anticipated. January should end up with around 65 home sales in the Salisbury MD area, which would be in line with last January. Stay tuned for the Q4 Housing Report and upcoming 2024 Year in Review where we make our projections for the local housing market in 2025.  *Based on information from the Coastal Association of Realtors® for the period 12/1/24 through 12/31/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2025

Salisbury MD Real Estate Sales Report for November 2024

November 2024 Salisbury MD Home Sales Statistics In November 2024, the median single family home sales price in the Salisbury MD area real estate market was $268,000, up 7% from the median sales price last November. There were 90 home sales, down 1% from the same month last year.                              The average time on market was 1.4 months, up from 26 days in November 2023.  Currently, there are 2.5 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month. Homes Sold in Wicomico County November 2024 Conclusions for Wicomico County Home Buyers Mortgage rates have trended down over the last few weeks, which is good news for Wicomico County homebuyers. There are plenty of indications that home prices will rise again in 2025, so buyers who purchase now likely have an advantage over those who wait. Factors influencing current buyer behavior were covered in detail last month. It’s worth noting that home inventory remains near a several year high, suggesting that any significant home price appreciation may occur well into next year. Conclusions for Home Sellers in Wicomico County Since the election, buyer activity has picked up noticeably in the Salisbury MD area. Savvy homeowners planning to sell next year will focus heavily on an accurate list price and considering the economic realities today’s buyer is facing. Our goal as veteran listing agents is to seek the “sweet spot” in guiding home sellers on pricing to be within market expectations while not giving away hard earned equity. Contact us for a no sales, no hype and completely confidential conversation about our pricing strategy, the value of your home, and details on our 45-Step Home Marketing Plan. December 2024 Salisbury MD Real Estate Outlook November home sales proved stronger than anticipated. December will likely take a step back, with around 75 units expected to close before the ball drops on New Year’s Eve. This would be in line with December of 2022 and 2023. We wish you each a Merry Christmas and prosperous 2025! *Based on information from the Coastal Association of Realtors® for the period 11/1/24 through 11/30/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024